Shares rise on manageable inflation print
—INQUIRER FILE PHOTO
The local stock barometer made a big comeback on Tuesday as investors cheered the latest inflation data, which fell within the government’s target range.
By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) surged by 1.71 percent, or 121.84 points, to 7,257.94, snapping a two-session losing streak.
The broader All Shares Index likewise climbed by 1.06 percent, or 41.85 points, to close at 3,993.51.
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Philstocks Financial Inc. data showed that value turnover was at P4.39 billion, or below the year-to-date average of P5.16 billion.
Investors snapped up the shares of property firms the most as the sector surged by 3.38 percent.
Japhet Tantiangco, senior analyst at Philstocks, said the bourse was able to bounce back as the October inflation print stood at 2.3 percent, or at the midpoint of the Bangko Sentral ng Pilipinas’ projection of 2 percent to 2.8 percent.
Article continues after this advertisementBDO Unibank Inc. was the top-traded stock as it climbed by 2.97 percent to P156 per share.
It was followed by Ayala Land Inc., which surged by 4.55 percent to P34.50; Bank of the Philippine Islands, up 1.27 percent to P143.50; International Container Terminal Services Inc., up 0.99 percent to P409; and Ayala Corp., up 2.90 percent to P710.
Other actively traded stocks were SM Investments Corp., up 0.31 percent to P962; Metropolitan Bank and Trust Co., up 1.99 percent to P77; Universal Robina Corp., up 3.01 percent to P101; SM Prime Holdings Inc., up 4.22 percent to P30.85; and DigiPlus Interactive Corp., up 2.16 percent to P21.25 each.
Gainers outnumbered losers, 115 to 89, while 52 companies closed unchanged.
